The Australian sharemarket is expected to continue its run into new post-GFC highs with an improving global outlook and declining interest rates at home.
The All Ordinaries and SP/ASX200 indices soared on Friday to their highest levels since mid-2008, then Wall St posted a solid gain on Friday night as oil prices showed signs of stabilising and new data indicated the Eurozone economy was picking up pace.
AMP chief economist Shane Oliver says as a consequence of the positive global lead, it's looking fairly good for Australia's open today.
The Reserve Bank tomorrow releases the minutes from its February meeting, when it cut the cash rate to a record low 2.25 per cent.
Dr Oliver says the minutes are expected to repeat RBA Governor Glenn Stevens's message in parliamentary testimony on Friday that Australia's economy is running below trend, inflation is benign and the impression there's scope for more interest rate cuts.
He says the Australian dollar is expected to continue weaken over longer term and will likely trade at 70 US cents by the end of the year.
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